Interest bearing loan

Q: My question is about bank loans. What does Islam say about taking a loan when the bank describes the mark up at 19%?

A: It is impermissible to take an interest bearing loan from the bank, regardless of whether the interest rate on the loan is fixed or not.

And Allah Ta'ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)